The cryptocurrency market is currently consolidating, with prices fluctuating within a narrow range. Some experts believe that this could be a sign of a potential bull market, while others believe that it is simply a temporary pause before the market continues to decline. Here’s what happened to crypto today.
1. Crypto News: Bitcoin’s Sinks below $27,000
The flagship cryptocurrency, Bitcoin, has been oscillating around the $27,000 mark, now sliding to $26,550. Over the past week, its performance has shown a minimal gain of 0.08%. Currently, the total market capitalization of Bitcoin sits at a whopping $517.7 Billion, emphasizing its dominance in the cryptocurrency market.
2. Binance Urges Court to Drop SEC Lawsuit
In recent regulatory battles, Binance, its American counterpart, and CEO Changpeng Zhao are urging for the dismissal of a lawsuit instigated by the U.S. Securities and Exchange Commission (SEC). The crux of their defense hinges on the belief that the SEC has ventured beyond its bounds without supplying clear guidance. Furthermore, Binance.US, the American extension of Binance, has separately called for the dismissal of its accusations in a comprehensive legal document.
3. Bybit to Stop Operating in the UK Amidst Regulatory Changes
If you’re in the UK asking what happened to crypto today, well here’s a sad announcement. Bybit, the esteemed crypto exchange based in Dubai, is bracing for a hiatus in the UK. This move trails the impending guidelines from the UK’s Financial Conduct Authority (FCA). Come October 1, the platform will bar any fresh UK-based registrations, and by October 8, it will suspend deposits and other contractual activities for existing members from the region.
Due to recent UK regulatory changes, Bybit will suspend its services in the UK. New account applications cease from Oct 1, 2023, 8AM UTC. Existing UK users, please manage your positions before Jan 8, 2024, 8AM UTC. #Bybit
Find out more here: https://t.co/ubKN3NrFhE pic.twitter.com/06ucS4giKV
4. An Alarming Crypto Scam Unfolds in Canada
In a concerning revelation, police in Huron County have commenced investigations following a cryptocurrency scam that led a victim to lose a staggering $17,500 in August 2023. The victim was lured into a crypto investment platform upon a friend’s recommendation. Initial investments were followed by promises of lucrative returns, leading to additional investments. However, the scammers immobilized the investments, culminating in the victim’s realization of the deceit. The Canadian Anti-Fraud Centre has previously flagged the escalating numbers in fraud, noting a nearly 40% jump in victim losses in 2022 compared to 2021.